New home sales move ahead in February
New home sales moved ahead in February, according to the latest Monthly New Residential Sales report.
Sales of new single‐family houses in February increased 1.1% to a seasonally adjusted annual rate of 640,000 from the revised January rate of 633,000, the U.S. Census Bureau and the Department of Housing and Urban Development reported this morning.
The latest figure is 19% below the February 2022 rate of 790,000, however.
The median sales price of new houses sold in February increased 2.74% to $438,200 from a median price of $426,500. On a year-over-year basis, the median price is up 2.52% from $427,400 in February 2022.
The average sales price for homes sold in February moved upward by nearly 4% to $498,700 from an average price of $479,800 in the prior month. On a year-over-year basis, the average price jumped nearly 17%.
The seasonally‐adjusted estimate of new houses for sale at the end of February showed little change and stands at 436,000, representing an 8.2-month supply compared to an 8.3-month supply in January.
Earlier this week, the National Association of Realtors reported that total existing-home sales jumped, ahead 14.5% from January to a seasonally adjusted annual rate of 4.58 million in February. Existing single-family home sales soared to a seasonally adjusted annual rate of 4.14 million in February, up 15.3% from 3.59 million in January.
Here's how February 2023 new home sales break down on a regional basis:
- In the Northeast, sales plummeted 40% from the prior month and fell 55.3% on a year-over-year basis.
- In the Midwest, sales are down 1.4% and dropped 20.2% on a year-over-year basis.
- In the South, sales increased 3% but are down 8.8% from a year ago.
- In the West, sales rose 8.8% but are 33.2% below last year's pace.
